Blockchain intelligence firm TRM Labs has played a key role in Operation Atlantic, a coordinated international effort that resulted in the freezing of more than $12 million in illicit funds and the identification of over 20,000 victims across multiple countries. The week-long operation, which wrapped up recently, focused on dismantling networks behind approval phishing scams—a sophisticated tactic where fraudsters trick users into approving malicious smart contract permissions on blockchain networks.
These scams often masquerade as legitimate investment opportunities or evolve from prolonged romance fraud schemes, ultimately allowing criminals to drain victims’ digital wallets.
Led by the UK’s National Crime Agency (NCA) and co-hosted by the US Secret Service, Ontario Provincial Police, and Ontario Securities Commission, the initiative brought together law enforcement agencies, regulators like the City of London Police and the UK Financial Conduct Authority, and private-sector experts at the NCA’s London headquarters.
The collaborative “sprint” model enabled real-time intelligence sharing, on-chain tracing, and rapid victim outreach to disrupt active fraud rings.
TRM Labs contributed extensively from the planning stages through execution. The firm’s specialists worked alongside investigators to develop tailored workflows for handling approval phishing cases.
Using advanced blockchain analytics and data from its Chainabuse.com platform, TRM’s team triaged thousands of suspicious addresses, mapped fund flows across exchanges and decentralized protocols, and delivered intelligence packages ready for asset seizures.
One such package exposed a single phishing network linked to more than $15 million in losses.
Overall, authorities identified over $45 million in stolen cryptocurrency tied to these schemes worldwide.
The operation clearly highlights the growing sophistication and speed of crypto fraud.
TRM Labs reported tracking approximately $35 billion in cryptocurrency directed toward fraud schemes throughout 2025, with stablecoins comprising roughly 84 percent of verified inflows—an increase from 70 percent the previous year.
Criminals frequently move stolen assets within 48 hours, underscoring the need for swift, cross-border action.
Phil Ariss, TRM Labs’ director of UK public sector relations, emphasized the value of such partnerships: operations like Atlantic demonstrate how combining real-time blockchain intelligence with law enforcement expertise can freeze funds, safeguard victims, and dismantle criminal networks effectively.
NCA Deputy Director of Investigations Miles Bonfield echoed this sentiment, describing the effort as a prime example of what international agencies and private industry can achieve together to protect thousands of victims and halt ongoing fraud.
Beyond immediate results, Operation Atlantic advances a broader public-private model praised by the Financial Action Task Force (FATF). TRM’s Beacon Network, which connects law enforcement, exchanges, and stablecoin issuers for instant alerts, has already helped freeze over $330 million in illicit proceeds globally.
Authorities continue to analyze intelligence gathered during the sprint to support affected individuals and pursue further investigations. Victims are encouraged to report incidents via Chainabuse.com or local law enforcement channels.
